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Macao to support development of emerging industries, SMEs: chief executive

Xinhua, November 17, 2015 Adjust font size:

Chief Executive of the Macao Special Administrative Region (SAR) Chui Sai On said Tuesday that the SAR government will make efforts to foster new industries and expand support for small and medium-sized enterprises (SMEs) and young entrepreneurs to accelerate the process of economic diversification.

In a policy address for the fiscal year 2016 delivered at the Legislative Council, Chui said the government will step up pace in the development of conventions and exhibitions, cultural and creative activities and traditional Chinese medicine, adding that three statistical indicator systems for new industries will be completed.

The government has launched a series of measures to support the development of cultural industries and through interdepartmental cooperation. "Incentive system for cultural industries" and an "information platform" are about to roll out next year to increase the strength of the emerging industries.

Guangdong-Macao Traditional Chinese Medicine Industrial park will intensify cooperation with key laboratories of the country, and Portuguese-speaking countries will also be expected to join the pilot projects in the field of international registration and service trade, the report said.

Chui also noted that the government would continue to implement the "SME Support Program" to increase the maximum guarantee of the Credit Guarantee Scheme for SMEs from 5 million patacas to 7 million patacas. Corporate liaison will be set up to help invite investment and facilitate capital introduction.

According to the policy address, Macao will launch Internet-themed youth innovation and entrepreneurship program, and seek to extend scope of support for young entrepreneurs to the free trade area in Guangdong Province. Endit